The company (AMFM)
AMFM
said it lost $70.9 million, or 50 cents per share in the June period, including a one-time charge for a severance package for former CEO Scott Ginsburg, who resigned earlier this year. That compares to a profit of $4.8 million, or 6 cents, in the year-earlier quarter.

Chancellor didn't say what the per-share results would have been without the charge. Analysts surveyed by First Call expected a loss of 20 cents a share.

Hodge estimated that excluding the charge the company lost 8 cents per share in the second quarter.

Revenue rose to $321.7 million from $106.3 million in the same quarter a year ago, while broadcast cash flow rose to $152.8 million from $48.1 million.

Chancellor Media shares fell 1 to 51 1/2. The report was released a half hour before the markets closed.

Company representatives, including CFO Matthew Devine, did not return calls seeking comment.

In a press release, Chancellor Media President and CEO Jeffrey Marcus said: "Chancellor's record second quarter reflects the company's continued success in growing and enhancing the operating performance of its platform of major market radio stations."

During the period, Chancellor agreed to buy outdoor advertising firm Martin Media for $610 million, then grabbed Hicks Muse-owned LIN Television Group for $1.7 billion.

Salomon Smith Barney analyst Paul Sweeney told CBS.MarketWatch he's confident the company can implement the multi-media strategy smoothly. "They're good radio operators, and [LIN President and CEO] Gary Chapman is one of the best TV operators out there," Sweeney said. "I think eventually they will be successful."

Richard Read, analyst at Credit Lyonnais Securities, agreed that Chancellor management is good enough to make the multi-tiered concept fly, but says it won't be fully realized until Hicks Muse's other giant radio arm -- Capstar Broadcasting (CRB) -- is purchased by Chancellor. "Looking at how fast they bought LIN," said Read, "I think we might see [a Capstar-Chancellor merger] by the end of the year."

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